"We have all this noise from different people," Patterson told CNBC's Melissa Lee. "It's confusing, it's contradictory, and in times of uncertainty, what do you do? You sell." Thus the drop in the euro from almost $1.50 to roughly $1.41 in a matter of days.

Peter Boockvar, chief equity strategist at Miller Tabak, takes an equally negative view of the proceedings in Europe. He believes there will be some sort of agreement to extend the maturities on Greece's loans, but that will need to be followed by some kind of restructuring.

"There are so many cooks in this kitchen that it's going to be very difficult to come to an agreement quickly," he told Lee. But he thinks the market may force a decision.

Andrew Busch, global currency and public policy strategist for BMO Capital, agrees that a decision will be hard to nail, and he notes that based on past trading patterns for the euro, it's likely to fall further from current levels.

He suggests selling the euro against the dollar at $1.41 with a stop loss at $1.4210 and a target of $1.3450.

If Busch is on target, his trade offers significant upside potential with little downside. But With his stop loss close to his entry point, Busch cautions, "If you're just getting into the trading game, you have to put those stop losses in immediately."

You can watch the whole discussion right here.

Money In Motion, May 13, 2011

A detailed look at currency trading, with CNBC's Melissa Lee and the Money In Motion traders.